The goals for Asia contrast with restructuring of UBS’s investment banking business worldwide as it scales back fixed- income operations and cuts 10,000 jobs over three years to focus on money management. Andrea Orcel, CEO of the investment bank, said in November that the Asia-Pacific region is viewed as a 'second home market'.

'We led early with the headcount reductions globally', said Grounds, referring to job cuts that began at the bank in 2011. 'Activity levels are picking up, so for us it’s about investing and redeploying our people'.